EGLD price trades near demand zone

MultiversX price is trading near demand zone and as the whole crypto market is in downtrend, EGLD price is also on the brink of breakout. The crypto-market is down by -0.39% causing a loss of -4.297B during the London session.

Majorly due to the fact that bitcoin is down approximately 8% in past 4 days which has caused downfall in cryptocurrency market. After multiple rejection from $30,000 induced a bearish sentiment in market giving rise to downfall of bitcoin.

MultiversX bullish targets

The current structure for MultiVersX is bearish and if bears can push price below bottom wick of previous candle, there is a higher possibility for the price to fill the lower wick of the 8 may candle. The EGLD price is currently trading below 20,50,100 and 200-day EMAs indicating strong bearish momentum in the price.

There have been several rejection from $36 level which makes it a strong support zone for price and break of it most certainly lead to a downfall of price to $32.70 level. If the EGLD price can halt this bearish momentum and bulls defend recent support level, there is a higher probability for price to retest $44.30 level and break of it can lead to filling of the wick of 27 April.

The price did break out from consolidation zone on April 27 but the breakout was unsuccessful and price faced heavy rejection from the highs of $49.30 leaving a long upper wick.

Will EGLD price break $37.30 support level?

RSI trades at 38.12 indicating a bearish trend in price and a possibility that it might enter the oversold zone if bearish trend continues. The chaikin money flow is at -0.26 showing weakness in the market. If BTC/USDT is able to break below $27,000, traders can expect a clean move down to $32.70.

EGLD price is currently residing near lower band of bollinger indicating possibility of pullback in the price but there is no signs of bullishness currently in the market. The longs/shorts ratio is 0.75 with 42.79% longs and 57.21% shorts indicating strong bearish sentiment over EGLD price. Traders should wait for proper confirmation before entering any sort of bids.

Conclusion:

Market structure and price action has been bearish for EGLD from past weeks. The technical parameters are indicating that there might be a pullback but there are not enough bullish signs to confirm that. The bearish momentum is on the rise and if a break of recent support happens, price might reach $32.70 level. There are more positions of sellers in market than the buyers creating a negative sentiment for the price. The whole crypto market is suffering from loss. Let’s see how long it goes on for.

Technical levels:

Major support: $37.30 and $32.70.

Major resistance: $44.30 and $49.30.

Disclaimer

The views and opinions stated by the author, or any people named in this article, are for informational purposes only. They do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.